XML 72 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

Our long-term debt consists of the following:

 

     September 30,
2014		      December 31,
2013		  
     (In Thousands)  

Working Capital Revolver Loan (A)

    $ —         $ —     

7.75% Senior Secured Notes due 2019 (B)

      425,000         425,000   

Secured Promissory Note

      24,520         29,555   

Other

      9,850         8,412   
  

 

 

     

 

 

  
     459,370         462,967   

Less current portion of long-term debt

      10,597         9,262   
  

 

 

     

 

 

  

Long-term debt due after one year

    $ 448,773       $ 453,705   
  

 

 

     

 

 

  

 

(A) Effective December 31, 2013, LSB and certain of its wholly-owned subsidiaries (the “Borrowers”) entered into an amendment to the existing senior secured revolving credit facility (the “Amended Working Capital Revolver Loan”). Pursuant to the terms of the Amended Working Capital Revolver Loan, the Borrowers may borrow on a revolving basis up to $100.0 million, based on specific percentages of eligible accounts receivable and inventories. As of September 30, 2014, the amount available for borrowing under the Amended Working Capital Revolver Loan was approximately $74.2 million. In addition, the Amended Working Capital Revolver Loan and the Senior Secured Notes are cross collateralized as discussed in (B) below. The Amended Working Capital Revolver Loan will mature on April 13, 2018.

 

(B) On August 7, 2013, LSB sold $425 million aggregate principal amount of the 7.75% Senior Secured Notes due 2019 (the “Senior Secured Notes”) in a private transaction to qualified institutional buyers under Rule 144A and, outside of the United States, pursuant to Regulation S of the Securities Act of 1933, as amended. In accordance with the registration rights agreement entered into at the time of the issuance of the Senior Secured Notes, LSB and the guarantor subsidiaries completed an exchange offer to exchange the Senior Secured Notes for substantially identical notes registered under the Securities Act. The registration statement for the exchange offer was declared effective by the SEC in May 2014, and the exchange offer was completed in June 2014. The Senior Secured Notes bear interest at the rate of 7.75% per year and mature on August 1, 2019. Interest is to be paid semiannually on February 1st and August 1st.